(L-R) Waste Labs co-founders Dr Elias Willemse and Vladimir Chuchkin
Waste Labs, a Singapore-based Artificial Intelligence startup that helps waste management companies and cities to build and operate sustainable waste collection and recycling, has secured US$500,000 in pre-seed funding.
Entrepreneur First, Singapore VC firm Fund4SE, and strategic angels invested in this round.
Also Read: How this Singaporean AI startup makes waste collection and recycling easy for cities, organisations
Founded in May 2020, Waste Labs has developed an AI platform to digitise, plan, and improve waste collection processes, and enables manufacturers to increase the supply of goods produced from recycled materials.
Waste managers are provided with data-driven insights and prescriptive recommendations to map waste flows and design and operate sustainable waste collection systems.
Since its inception, Waste Labs claims to have implemented over ten projects with top waste management companies, consumer companies and sustainable producers in Singapore, Hong Kong, Australia and the UK. The projects tackled general and recyclable waste, including food, plastics, cardboard and electronic waste.
“We will now be working to grow our product capabilities and build a globally scalable tech platform and drive its commercial adoption across Asia Pacific and Europe,” said Waste Labs CEO and co-founder Vladimir Chuchkin.
Circular economy, climate change and environmental, social, and corporate governance (ESG) have become key boardroom topics for companies, cities, and regulators. And as consumers increasingly embrace social causes, they seek products and brands that align with their values.
Globally, the total addressable market (TAM) for waste management is US$4.7 billion. The Southeast Asian portion of it is approximately US$2 billion.
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“There is a global imperative to move towards environmental sustainability, responsible consumption, and recycling and upcycling practices. This shift is driven by government agencies, industrial companies, consumer brands, and of course, consumers themselves. Waste Labs helps to get closer to this sustainable vision by bridging supply and demand for recyclable materials through the power of data and technology,” said Denis Muratov, managing partner at Fund4SE.
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Image Credit: Waste Labs
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